Bond Goldman Sachs 7.5% ( US38147QN699 ) in USD

Goldman Sachs

100 % ▲

United States

US38147QN699 ( in USD )

7.5% per year ( payment 2 times a year)

27/11/2028

Prospectus brochure of the bond Goldman Sachs US38147QN699 en USD 7.5%, maturity 27/11/2028

1 000 USD

38147QN69

N/A

27/05/2025 ( In 93 days )

Goldman Sachs is a leading global investment banking, securities, and investment management firm that provides a wide range of financial services to corporations, governments, and high-net-worth individuals.

The Bond issued by Goldman Sachs ( United States ) , in USD, with the ISIN code US38147QN699, pays a coupon of 7.5% per year.
The coupons are paid 2 times per year and the Bond maturity is 27/11/2028

http://www.sec.gov/Archives/edgar/data/886982/000110465913087258/...
424B2 1 a13-23311_8424b2.htm PROSPECTUS SUPPLEMENT NO. 2511 DATED NOVEMBER 22, 2013.
Table of Contents

Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-176914

The Goldman Sachs Group, Inc.
$530,000

Cal able Monthly Index-Linked Range Accrual Notes due 2028

Subject to our redemption right described below, interest, if any, on your notes wil be paid monthly on the 27th of each
month, commencing on the first interest payment date (December 27, 2013) and ending on the stated maturity date
(November 27, 2028). The amount of interest that you wil be paid on your notes each month, if not previously redeemed,
wil be based on the number of scheduled trading days (reference dates) on which the closing levels of both the Russell
2000
® Index and the EURO STOXX 50 I
®
ndex are greater than or equal to 50.00% of their respective initial index levels.
To determine your annualized interest rate with respect to each interest payment date, we wil divide the number of
reference dates in the immediately preceding interest period on which the above condition is met by the total number of
reference dates in that interest period. We wil then multiply the resulting fraction by 7.50%. Your monthly interest
payment for each $1,000 face amount of your notes wil equal the product of the annualized interest rate times $1,000
times an accrued interest factor of 1/12, which equals approximately 0.08333. Unless the above condition is met on
each reference date in an interest period, the interest rate with respect to the next interest payment date will be
less than 7.50% per annum, and if it is never met, the interest rate with respect to such interest payment date will
be 0%.

We may redeem your notes at 100% of their face amount plus any accrued and unpaid interest on any monthly interest
payment date on or after November 27, 2014.

If we do not redeem your notes, the amount that you wil be paid on your notes at maturity, in addition to any accrued and
unpaid interest, is based on the performance of the lesser performing index (the index with the lowest index return). The
index return for each index is the percentage increase or decrease in the final index level on the determination date
(November 9, 2028) from its initial index level. If the index return for both indices is greater than or equal to -50.00% (the
final index level of both indices is greater than or equal to 50.00% of their respective initial index levels), you wil receive
the face amount of your notes. If the index return for either index is less than -50.00% (the final index level of either
index is less than 50.00% of its respective initial index level), the percentage of the face amount of your notes
that you receive will be based on the performance of the lesser performing index, as described below. In such
event, you will receive less than 50.00% of the face amount of your notes and could potentially lose your entire
investment.

At maturity, excluding any interest payment, for each $1,000 face amount of your notes you wil receive an amount in cash
equal to:

·
if the index return of both indices is greater than or equal to -50.00%, $1,000; or

·
if the index return of either index is less than -50.00%, the sum of (i) $1,000 plus (ii) the product of (a) the

lesser performing index return times (b) $1,000.

Your investment in the notes involves certain risks, including, among other things, our credit risk. See page S-9.

You should read the additional disclosure herein so that you may better understand the terms and risks of your investment.

The estimated value of your notes at the time the terms of your notes were set on the trade date (as determined
by reference to pricing models used by Goldman, Sachs & Co. (GS&Co.) and taking into account our credit
spreads) was equal to approximately $881.00 per $1,000 face amount, which is less than the original issue price.
The value of your notes at any time will reflect many factors and cannot be predicted; however, the price (not
including GS&Co.'s customary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it
makes a market, which it is not obligated to do) and the value that GS&Co. will initially use for account
statements and otherwise equals approximately $957.50 per $1,000 face amount, which exceeds the estimated
value of your notes as determined by reference to these models. The amount of the excess will decline on a
straight line basis over the period from the trade date through November 27, 2014.

Original issue date:
November 27, 2013
Original issue price:
100.00% of the face amount
Underwriting discount:
4.30% of the face amount
Net proceeds to the issuer: 95.70% of the face amount
1 of 65
11/27/2013 9:37 AM

http://www.sec.gov/Archives/edgar/data/886982/000110465913087258/...

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of
these securities or passed upon the accuracy or adequacy of this prospectus supplement, the accompanying
prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal
offense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or
any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

Prospectus Supplement No. 2511 dated November 22, 2013.

2 of 65
11/27/2013 9:37 AM

http://www.sec.gov/Archives/edgar/data/886982/000110465913087258/...
Table of Contents

The issue price, underwriting discount and net proceeds listed above relate to the notes we sel initial y. We may decide to
sel additional notes after the date of this prospectus supplement, at issue prices and with underwriting discounts and net
proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in
notes will depend in part on the issue price you pay for such notes.

Goldman Sachs may use this prospectus supplement in the initial sale of the notes. In addition, Goldman, Sachs & Co. or
any other affiliate of Goldman Sachs may use this prospectus supplement in a market-making transaction in a note after
its initial sale. Unless Goldman Sachs or its agent informs the purchaser otherwise in the confirmation of sale,
this prospectus supplement is being used in a market-making transaction.

About Your Notes

The notes are part of the Medium-Term Notes, Series D program of The Goldman Sachs Group, Inc. This prospectus
supplement constitutes a supplement to the documents listed below and should be read in conjunction with such
documents:

·
Prospectus supplement dated September 19, 2011

·
Prospectus dated September 19, 2011

The information in this prospectus supplement supersedes any conflicting information in the documents listed above. In
addition, some of the terms or features described in the listed documents may not apply to your notes.

3 of 65
11/27/2013 9:37 AM

http://www.sec.gov/Archives/edgar/data/886982/000110465913087258/...
Table of Contents

SUMMARY INFORMATION

We refer to the notes we are offering by this prospectus supplement as the "offered notes" or the "notes". Each of the
offered notes, including your notes, has the terms described below and under "Specific Terms of Your Notes" on
page S-18. Please note that in this prospectus supplement, references to "The Goldman Sachs Group, Inc.", "we",
"our" and "us" mean only The Goldman Sachs Group, Inc. and do not include its consolidated subsidiaries. Also,
references to the "accompanying prospectus" mean the accompanying prospectus, dated September 19, 2011, as
supplemented by the accompanying prospectus supplement, dated September 19, 2011, in each case relating to the
Medium-Term Notes, Series D of The Goldman Sachs Group, Inc. References to the "indenture" in this prospectus
supplement mean the senior debt indenture, dated July 16, 2008, between The Goldman Sachs Group, Inc. and The
Bank of New York Mellon, as trustee.

Key Terms

Issuer: The Goldman Sachs Group, Inc.

Indices: the Russel 2000 I
®
ndex (Bloomberg symbol, "RTY Index"), as published by the Russel Investment Group
("Russel "); the EURO STOXX 50 I
®
ndex (Bloomberg symbol, "SX5E Index") as published by STOXX Limited, see "The
Indices" on page S-27

Specified currency: U.S. dol ars ("$")

Face amount: each note will have a face amount equal to $1,000; $530,000 in the aggregate for all the offered notes;
the aggregate face amount of the offered notes may be increased if the issuer, at its sole option, decides to sel an
additional amount of the offered notes on a date subsequent to the date of this prospectus supplement

Denominations: $1,000 or integral multiples of $1,000 in excess thereof

Purchase at amount other than face amount: the amount we wil pay you for your notes on the stated maturity date or
upon any early redemption of your notes wil not be adjusted based on the issue price you pay for your notes, so if you
acquire notes at a premium (or discount) to face amount and hold them to the stated maturity date or date of early
redemption, it could affect your investment in a number of ways. The return on your investment in such notes wil be lower
(or higher) than it would have been had you purchased the notes at face amount. See "Additional Risk Factors Specific to
Your Notes -- If You Purchase Your Notes at a Premium to Face Amount, the Return on Your Investment Wil Be Lower
Than the Return on Notes Purchased at Face Amount and the Impact of Certain Key Terms of the Notes Wil Be
Negatively Affected" on page S-11 of this prospectus supplement

Supplemental discussion of U.S. federal income tax consequences: you wil be obligated pursuant to the terms of the
notes -- in the absence of a change in law, an administrative determination or a judicial ruling to the contrary -- to
characterize each note for al tax purposes as an income-bearing pre-paid derivative contract in respect of the indices, as
described under "Supplemental Discussion of Federal Income Tax Consequences" herein. Pursuant to this approach, it is
the opinion of Sidley Austin LLP that it is likely that any interest payment wil be taxed as ordinary income in accordance
with your regular method of accounting for U.S. federal income tax purposes. If you are a United States alien holder of the
notes, we intend to withhold on interest payments made to you at a 30% rate or at a lower rate specified by an applicable
income tax treaty. In addition, upon the sale, exchange, redemption or maturity of your notes, it would be reasonable for
you to recognize capital gain or loss equal to the difference, if any, between the amount of cash you receive at such time
(excluding amounts attributable to any interest payment) and your tax basis in your notes.

Cash settlement amount (on the stated maturity date): for each $1,000 face amount of your notes, in addition to any
accrued and unpaid interest, we will pay you on the stated maturity date, subject to our early redemption right, an amount
in cash equal to:

·
if the final index level of the lesser performing index is greater than or equal to 50% of its initial index level,

$1,000; or
·
if the final index level of the lesser performing index is less than 50% of its initial index level, the sum of

4 of 65
11/27/2013 9:37 AM

http://www.sec.gov/Archives/edgar/data/886982/000110465913087258/...
(1) $1,000 plus (2) the product of (i) $1,000 times (ii) the lesser performing index return

Early redemption right: we have the right to redeem your notes, in whole but not in part, at a

S-2
5 of 65
11/27/2013 9:37 AM

http://www.sec.gov/Archives/edgar/data/886982/000110465913087258/...
Table of Contents

price equal to 100% of the face amount plus accrued and unpaid interest to but excluding the applicable interest payment
date, on the interest payment date that will fall on November 27, 2014 and on each interest payment date occurring
thereafter, subject to ten business days' prior notice

Lesser performing index return: the index return of the lesser performing index

Lesser performing index: the index with the lowest index return

Interest rate: the interest rate with respect to any interest payment date wil be determined on the immediately preceding
interest determination date, based on the closing level of each index on each reference date during the interest period
immediately preceding such interest payment date. The interest rate wil be equal to: the product of (i) 7.50% times
(ii) the quotient of (a) the number of reference dates during the applicable interest period when the closing levels of both
indices are greater than or equal to their respective trigger levels divided by (b) the number of reference dates in such
interest period

Initial index level: 1,124.92 with respect to the Russel 2000 I
®
ndex and 3,055.98 with respect to the EURO STOXX
50 In
®
dex

Final index level: with respect to each index, the closing level of such index on the determination date, except in the
limited circumstances described under "Specific Terms of Your Notes -- Consequences of a Market Disruption Event or a
Non-Trading Day" on page S-20

Trigger level: with respect to the Russel 2000
® Index, 562.46, which is 50.00% of its initial index level and with respect to
the EURO STOXX 50
® Index, 1,527.99, which is 50.00% of its initial index level

Closing level: with respect to each index, the closing level of such index on any trading day, as further described under
"Specific Terms of Your Notes -- Special Calculation Provisions -- Closing Level" on page S-23

Index return: with respect to each index on the determination date, the quotient of (i) the final index level minus the initial
index level divided by (i ) the initial index level, expressed as a positive or negative percentage

Defeasance: not applicable

No listing: the offered notes wil not be listed or displayed on any securities exchange or interdealer market quotation
system

Business day: as described on page S-23

Trading day: as described on page S-23

Scheduled trading day: as described on page S-23

Trade date: November 22, 2013

Original issue date (settlement date): November 27, 2013

Stated maturity date: November 27, 2028, subject to our early redemption right and to adjustment as described under
"Specific Terms of Your Notes -- Payment of Principal on Stated Maturity Date -- Stated Maturity Date" on page S-19

Determination date: November 9, 2028, subject to adjustment as described under "Specific Terms of Your Notes --
Payment of Principal on Stated Maturity Date -- Determination Date" on page S-19

Interest period: each period from and including each interest determination date (or the original issue date in the case of
the initial interest period) to but excluding the next succeeding interest determination date

Interest determination dates: the day that is the tenth scheduled trading day for both indices prior to each scheduled
interest payment date; for the avoidance of doubt, a day that is a scheduled trading day for only one index wil not count
as one of the ten scheduled trading days for both indices

Interest payment dates: the 27th day of each month, beginning on December 27, 2013, up to and including the stated
maturity date, subject to adjustments as described elsewhere in the prospectus supplement
6 of 65
11/27/2013 9:37 AM

http://www.sec.gov/Archives/edgar/data/886982/000110465913087258/...

Reference date: for each interest period, each day that is a scheduled trading day for both indices

Accrued interest factor: 1/12, which equals approximately 0.08333

Business day convention: fol owing unadjusted

Regular record dates: the scheduled business day immediately preceding each interest payment date

Calculation agent: Goldman, Sachs & Co.

CUSIP no.: 38147QN69

ISIN no.: US38147QN699

FDIC: the notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other
governmental agency, nor are they obligations of, or guaranteed by, a bank

S-3
7 of 65
11/27/2013 9:37 AM

http://www.sec.gov/Archives/edgar/data/886982/000110465913087258/...
Table of Contents

S-4
8 of 65
11/27/2013 9:37 AM

http://www.sec.gov/Archives/edgar/data/886982/000110465913087258/...
Table of Contents

S-5
9 of 65
11/27/2013 9:37 AM

http://www.sec.gov/Archives/edgar/data/886982/000110465913087258/...
Table of Contents

HYPOTHETICAL EXAMPLES

The fol owing tables and examples are provided for purposes of il ustration only. They should not be taken as an indication
or prediction of future investment results and are intended merely to il ustrate (i) the method we wil use to determine the
interest rate on any given interest payment date based on the closing levels of each index on each reference date in the
immediately preceding interest period, (i ) the method we wil use to calculate the amount of interest accrued between
interest payment dates and (i i) the impact that the various hypothetical closing levels of the lesser performing index on the
determination date could have on the cash settlement amount at maturity, as the case may be, assuming all other
variables remain constant.

The examples below are based on a range of index levels of the lesser performing index that are entirely hypothetical; no
one can predict what the index level of either index wil be on any day throughout the life of your notes, what the final index
level of the lesser performing index will be on the determination date and what the interest rate will be on any interest
payment date. The indices have been highly volatile in the past -- meaning that the index levels have changed substantial y
in relatively short periods -- and their performance cannot be predicted for any future period.

The information in the fol owing examples reflects the method we wil use to calculate the interest rate applicable to any
interest payment date and the hypothetical rates of return on the offered notes assuming that they are purchased on the
original issue date at the face amount and held to the stated maturity date. If you sel your notes in a secondary market
prior to the stated maturity date, as the case may be, your return wil depend upon the market value of your notes at the
time of sale, which may be affected by a number of factors that are not reflected in the tables below such as interest
rates, the volatility of the indices and our creditworthiness. In addition, the estimated value of your notes at the time the
terms of your notes were set on the trade date (as determined by reference to pricing models used by Goldman, Sachs &
Co.) was less than the original issue price of your notes. For more information on the estimated value of your notes, see
"Additional Risk Factors Specific to Your Notes -- The Estimated Value of Your Notes At the Time the Terms of Your
Notes Were Set On the Trade Date (as Determined By Reference to Pricing Models Used By Goldman, Sachs & Co.)
Was Less Than the Original Issue Price Of Your Notes" on page S-9 of this prospectus supplement. The information in
the tables also reflect the key terms and assumptions in the box below.

Key Terms and Assumptions
Face amount
$1,000
Trigger level
with respect to each index, 50.00% of its initial index level

The notes are not cal ed

Neither a market disruption event nor a non-trading day occurs on any reference date or the original y scheduled
determination date

No change in or affecting any of the index stocks or the method by which the applicable index sponsor calculates either
index

Notes purchased on original issue date at the face amount and held to the stated maturity date

For these reasons, the actual performance of the indices over the life of your notes, the actual index levels on any
reference date, as wel as the interest payable, if any, at each interest payment date, may bear little relation to the
hypothetical examples shown below or to the historical index levels shown elsewhere in this prospectus supplement. For
information about the index levels during recent periods, see "The Indices -- Quarterly High, Low and Closing Levels of the
Russel 2000 I
®
ndex" on page S-36 and "The Indices -- Quarterly High, Low and Closing Levels of EURO STOXX
50 I
®
ndex" on page S-37. Before investing in the notes, you should consult publicly available information to determine the
index levels between the date of this prospectus supplement and the date of your purchase of the notes.

The fol owing tables and examples il ustrate the method we wil use to calculate the interest rate with respect to an interest
payment date, subject to the key terms and assumptions above. The numbers in the first column represent the number of
reference dates ("N") during any given interest period for which the closing levels of both indices are greater than or equal
to their respective trigger levels. The levels in the fourth column represent the hypothetical interest amount, as a
percentage of the face amount of each note, that would be payable with respect to a given interest period in which the
closing levels of both indices are greater than or equal to their respective trigger levels for a given number of reference
10 of 65
11/27/2013 9:37 AM